Shop Notes

BankTracker digs into bank behind Waters investigation

Posted: Aug. 9, 2010 | Tags: BankTracker, failed banks, FDIC, Federal Deposit Insurance Corp., Maxine Waters, MSNBC, OneUnited, TARP

An analysis by the Workshop's BankTracker has revealed the bank at the center of a House ethics investigation of U.S. Rep. Maxine Waters was, at the time of its rescue, the weakest to receive fundsfrom the government's Troubled Asset Relief Program. The analysis is based on public federal financial reports.

Wendell Cochran found that in spite of its weak financial health OneUnited Bank of Boston received $12.1 million from the Treasury Department in December 2008. To date, the money has not been repaid.

Officials of OneUnited did not respond to Cochran's requests for an interview.

The investigation also found that OneUnited is one of only a few banks to be under a federal supervisory enforcement order at the time it received TARP funding.

Waters, a Democrat from Los Angeles, is currently embroiled in a House ethics investigation for allegedly setting up a meeting between regulators and bank officials to talk about the effects of the collapse of Fannie Mae and Freddie Mac on OneUnited. Her husband served on the bank board and was a shareholder.

The Ethics Committee alleges that Waters helped set up the meeting to protect her own financial interests. Waters denies the charges.

Documents provided to the Workshop after a Freedom of Information Act request show several members of Congress asked the Treasury Department to consider TARP investments for particular banks. But the documents do not contain any mention of OneUnited, nor any correspondence from Waters to the department about OneUnited or any other bank.




Recent Posts

An inside look at Fatal Force series

Our recently published “Fatal Force: Two years after Ferguson, police shootings up,” a project with The Washington Post, is an extension of the Post’s Pulitzer Prize-winning series illuminating officer-involved shootings in the United States during 2015, as well as the first follow-up piece the Post published in 2016 that sought to find out how police departments handle releasing the names of officers who use fatal force.

Betty Medsger winds up 'Burglary' tour

Journalist Betty Medsger traveled the country to talk about her book, "The Burglary: The Discovery of J. Edgar Hoover’s Secret FBI,” (Knopf, 2014), in which she relays the back-story of the eight people behind the burglary and how they managed to bring down one of the most powerful and secretive agencies in U.S. history. She found a new generation thinking of the ethical issues they may face as citizens and potential government employees.

IRE's conference lives on through tipsheets

Even if you were not able to attend the annual Investigative Reporters and Editors conference earlier this month in New Orleans, the speakers and panelists create invaluable tipsheets you can still access.


 Subscribe to the RSS Feed

Archives

Twitter

Follow the workshop at IRWorkshop